Mineral Resource and Ore Reserve

Mineral Resource

An updated Mineral Resource estimate (Mineral Resource) for the Project was completed on 23 February 2015, which was classified and reported according to the guidelines of the 2012 JORC Code. This is the latest in a series of Mineral Resource estimates for the Project since its maiden Mineral Resource Estimate in December 2012.

The Mineral Resource comprises of six deposits; Wolverine, Gambit, Gambit West, Area 5, Cyclops and Banshee.

The Total Mineral Resource at the Project is now estimated at 8.98 Mt @ 0.63% total rare earth oxides (TREO) comprising 56,663,000kg contained TREO using a cut-off grade of 0.15% TREO . At the Wolverine deposit the total Mineral Resource is estimated at 4.97 million tonnes @ 0.86% TREO comprising 42,560 tonnes TREO using a cut-off grade of 0.15% TREO. Of the Total Mineral Resource, 58% is classified as Indicated Resource, with the remainder in the Inferred Resource category.

Since announcing its maiden Mineral Resource estimate of 10,500,000kg in 2012, Northern Minerals has increased the total contained TREO more than fivefold by 46,163,000kg.

The deposits can be characterised as breccia-hosted hydrothermal systems with the dominant mineralisation being the rare earth phosphate mineral xenotime; a rich source of dysprosium and other high value HREs. The mineralisation at Browns Range has a high heavy rare earth oxide (HREO) proportion to the total rare earth oxide (TREO), being 87% for the Total Mineral Resource and ranging from 69% at Area 5 up to 96% at Gambit.

Table 1: Mineral Resource Estimate – February 2015

1 – Rounding may cause some computational discrepancies (TREO (metal) tonnes estimated from Mt x TREO%)

Ore Reserve

An updated Ore Reserve for the Project of 3.8Mt of ore containing 2,294,000kg dysprosium and 26,375,000kg Total Rare Earth Oxide (TREO) was achieved in March 2015. The Ore Reserve is classified as 100% Probable and is reported in accordance with the JORC Code 2012.

The Probable Ore Reserve is outlined Table 2 below and reported according to the JORC (2012) Code and Guidelines in ASX announcement “Increased Ore Reserve for Browns Range Project – 2 March 2015”.

The JORC compliant Probable Ore Reserve is based on the current Mineral Resource, as released, in accordance with the JORC 2012 Code, by Northern Minerals.

The Mineral Resource is inclusive of the Ore Reserves.

Table 2: Probable Ore Reserve – March 2015

1 – Rounding may cause some computational discrepancies

TREO = Total Rare Earth Oxides – La2O3, CeO2, Pr6O11, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, Y2O3

HREO = Heavy Rare Earth Oxides – Total of Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, Y2O3

Competent Persons Declaration and Compliance Statements

The information on this website that relates to the Mineral Resource Estimates of the Wolverine deposit is extracted from the report entitled “Increased Mineral Resource delivers more good news” dated 23 February 2015 and is available to view on the Company’s website (www.northernminerals.com.au). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

The information on this website that relates to the Mineral Resource Estimates of the Cyclops and Banshee deposits is extracted from the report entitled “Further Increase in Brown Range Mineral Resource” dated 15 October 2014 and is available to view on the Company’s website (www.northernminerals.com.au). The company  confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

The information on this website that relates to the Mineral Resource Estimates of the Gambit, Gambit West and Area 5 deposits is extracted from the report entitled “Wolverine Total Resource Doubled in a Major Upgrade of Browns Range HRE Mineral Resource Estimate” dated 26 February 2014 and is available to view on the Company’s website (www.northernminerals.com.au). The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue
to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

The information on this website that relates to Ore Reserves is extracted from the report entitled Increased Ore Reserve for Browns Range created on 2 March 2015 and is available to view on the Company’s website (northernminerals.com.au). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings
are presented have not been materially modified from the original market announcement.

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